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Consumer Markets and Consumer Buyer Behavior

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Consumer buyer behavior refers to the buying behavior of ... Two factors intercede between purchase intentions and the actual decision: Attitudes of others ... – PowerPoint PPT presentation

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Title: Consumer Markets and Consumer Buyer Behavior


1
Consumer Markets and Consumer Buyer Behavior
  • Chapter 5

2
Definitions
  • Consumer buyer behavior refers to the buying
    behavior of final consumers individuals and
    households who buy goods and services for
    personal consumption
  • All of these final consumers combine to make up
    the consumer market

3
Model of Buyer Behavior
4
Factors Influencing Consumer Behavior
5
Characteristics Affecting Consumer Behavior
  • Culture
  • Forms a persons wants and behavior
  • Subculture
  • Groups with shared value systems
  • Social Class
  • Societys divisions who share values, interests
    and behaviors

Key Factors
Cultural Social Personal Psychological
6
Characteristics Affecting Consumer Behavior
  • Groups
  • Membership
  • Reference
  • Aspirational
  • Opinion Leaders
  • Buzz marketing
  • Family
  • Many influencers
  • Roles and Status

Key Factors
Cultural Social Personal Psychological
7
Characteristics Affecting Consumer Behavior
  • Age and life cycle
  • Occupation
  • Economic situation
  • Lifestyle
  • Activities, interests and opinions
  • Lifestyle segmentation
  • Personality and self-concept

Key Factors
Cultural Social Personal Psychological
8
Characteristics Affecting Consumer Behavior
  • Motivation
  • Needs provide motives
  • Motivation research
  • Maslows hierarchy of needs
  • Perception
  • Selective attention, selective distortion,
    selective retention
  • Learning
  • Drives, stimuli, cues, responses and
    reinforcement
  • Beliefs and attitudes

Key Factors
Cultural Social Personal Psychological
9
Types of Buying Behavior
10
The Buyer Decision Process
11
The Buyer Decision Process
Process Stages
  • Needs can be triggered by
  • Internal stimuli
  • Normal needs become strong enough to drive
    behavior
  • External stimuli
  • Advertisements
  • Friends of friends
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

12
The Buyer Decision Process
Process Stages
  • Consumers exhibit heightened attention or
    actively search for information.
  • Sources of information
  • Personal
  • Commercial
  • Public
  • Experiential
  • Word-of-mouth
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

13
The Buyer Decision Process
Process Stages
  • Evaluation procedure depends on the consumer and
    the buying situation.
  • Most buyers evaluate multiple attributes, each of
    which is weighted differently.
  • At the end of the evaluation stage, purchase
    intentions are formed.
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

14
The Buyer Decision Process
Process Stages
  • Two factors intercede between purchase intentions
    and the actual decision
  • Attitudes of others
  • Unexpected situational factors
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

15
The Buyer Decision Process
Process Stages
  • Satisfaction is important
  • Delighted consumers engage in positive
    word-of-mouth.
  • Unhappy customers tell on average 11 other
    people.
  • It costs more to attract a new customer than it
    does to retain an existing customer.
  • Cognitive dissonance is common
  • Need recognition
  • Information search
  • Evaluation of alternatives
  • Purchase decision
  • Postpurchase behavior

16
Buyer Decision Process for New Products
  • New Products
  • Good, service or idea that is perceived by
    customers as new.
  • Stages in the Adoption Process
  • Marketers should help consumers move through
    these stages.

17
Buyer Decision Process for New Products
Stages in the Adoption Process
  • Awareness
  • Evaluation
  • Interest
  • Trial

Adoption
18
Adopter Categories Based on Relative Time of
Adoption
19
Buyer Decision Process for New Products
  • Individual Differences in Innovativeness
  • Consumers can be classified into five adopter
    categories, each of which behaves differently
    toward new products.
  • Product Characteristics and Adoption
  • Five product characteristics influence the
    adoption rate.

20
Buyer Decision Process for New Products
Product Characteristics
  • Relative Advantage
  • Compatibility
  • Complexity
  • Divisibility

Communicability
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